Nav MatchFactor Boosts Financing Approval Rate by Factor of Four

Nav, a business credit management marketplace, this week announced the launch of a new feature called MatchFactor. It uses a proprietary algorithm combined with machine learning to help small business owners save time searching for funding. And the company claims it makes getting approved four times more likely. The feature, which is part of Nav’s financing dashboard, tells business owners just how likely they are to receive approval based on a rating that uses information such as their credit score and the lender’s qualifications for financing, the company says. More than 67 percent of Nav customers surveyed about MatchFactor stated that they used their rating to apply for a loan or credit card, choose the best options or better understand the reasons why they did not qualify, says the announcement.…